Should I Orbis or move on?

Zerodha
1

Hi,

People who have experience using Orbis account please help.

I do hedged positional options selling.

Currently, due to OI restrictions. I use basket orders with sell legs first, then buy legs. I want to place buy legs first, then sell legs, as it enables me to execute larger orders at once with margin benefits.

Since Zerodha does not allow to buy naked OTM options first. I want to either move on to another broker or try this Orbis account.

I have some questions which I cannot find clear answers.

Kindly answer so that I can make my decision.

If I open an Orbis account…

  1. Can I place a regular basket order with OTM buy legs first (without OI restrictions) ?

  2. I have pledged Stocks, Mutual Funds & ETFs with Zerodha. Suppose that I have acquired 8L in Margin. Also, I have 2L in cash. If I transferred all my cash holding from Zerodha ( zero cash on Zerodha) to Orbis. Would it exactly work as if I have cash in Zerodha ? ( Able to trade for 10L )

  3. I have DDPI already set up with Zerodha, Do I have to set it up again for Orbis?

  4. Is there any hidden charges, AMC or is Orbis totally free? If this Orbis bank collapses would I have Zerodha’s guarantee to my cash holding with them?

  5. Usually, while filing Taxes I use Console statements. Will all my options transaction details ( including buying with cash in Orbis & selling with margin from Zerodha ) reflect in the console statement for my yearly tax filing or will there be complications?

2 Likes
2

Ditto… I have exactly the same questions
Plus +
I use Sensibull for creating a strategy first (Let’s say iron condor) and then execute it directly by clicking place orders.

Whenever I have deep otm legs, obviously the execution fails and then I have to go back and manually execute sell orders first (in smaller lots)

Will these problems be solved after moving to Orbis?